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Senior Manager - Sterling Markets Division (Sterling Desk)

Do you want a new and varied challenge, right at the heart of what makes the Bank a bank? Sterling Markets Division is looking for a senior manager to join the sterling operations desk team!

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The team helps to design and implement monetary policy (including via asset purchases and sales); provides liquidity and term funding to the financial system; and contributes to market intelligence and analysis.

This role is advertised as full time but would partly constitute a job share with one of two existing co-heads of the desk. As well as being one part of a three-person leadership team on the desk, the role holder will also run our local market outreach work, D&I strategy, and talent management. But the role can likely be adapted should the successful applicant also wish to work part time.

This role has a number of aspects:

The successful candidate would be one of three Senior Managers who together lead the desk team. The role holder would devote around half of their time to co-leading the team.

Working on the sterling operations desk has a meaningful operational component, delivering the outstanding execution of a range of critical transactions. You would be part of our setting of Bank rate; you would run lending operations; and you would supervise our purchase and sales of gilts and corporate bonds. This aspect of the job calls for sound judgment to think on your feet to ensure we complete operations efficiently and accurately.Senior

The policy side is no less meaty though. SMD has a significant and influential part to play in the direction of monetary and FS policy. That means you would have a lot of contact with senior staff and committees on important topics. Specific policy responsibilities can be shaped according to the successful candidate's experience and interests, but the other Scale Ds have typically found themselves leading our monetary policy and FS response to events like Brexit and Covid, including advising the Governors and MPC on the design and use of tools.

Given our position in financial markets, SMD staff form a key part of the Bank's MI gathering capacity. Our staff work closely with colleagues in MIAD to collect and interpret market information via a network of contacts.

But SMD's operational role means it is also vital that we build, maintain and exploit the right contacts with SMF member firms. This is valuable in BAU, and can be invaluable in times of crisis.

With those aims in mind this role involves acting as the figurehead for MI in SMD. That meansworking with the division's senior advisors to lead contact with the most important SMF members (and relevant trade bodies); feeding in intelligence to relevant Markets-wide MI teams; and refreshing our approach to the SMD relationship management framework.

In addition, the role holder would be responsible for co-ordinating the Bank's administration of the UK Money Market Committee (MMC) which is a senior-level forum for UK money market participants to discuss current issues. The MMC is also charged with developing and endorsing the UK Money Market Code, which the Bank administers on behalf of the committee. As secretary to the committee this role will involve crafting committee membership to deliver a knowledgeable, diverse and inclusive group; setting agendas to ensure the right items are discussed at the right time; and leading a small team to provide the Chair and attendees with appropriate information to support high-quality debates.

Making the division a more diverse and inclusive place to work, as well as making the most of the incredible talent that sits within the division, are top priorities for SMD. Reflecting that, this role includes carved out senior time to take the lead in devising and implementing strategies and local actions, and working with colleagues to ensure they are a coherent part of Markets- and DGMB&R-wide plans.

In addition to these core responsibilities, as a member of SMD's senior leadership team you would be expected to represent the division at various decision making committees and other forums either in your own right or as an alternate for the HoD.

About you

The successful candidate is likely to be able to demonstrate most of the following attributes and experiences.

Essential Criteria

• Detailed knowledge of how sterling markets operate, and how the Bank uses its balance sheet to further our objectives.
• Experience of making or implementing public policy
• Experience of designing and deploying policy tools or financial structure
• Experience of leading operational teams within a financial market setting
• Strong analytical mindset and ability to combine economic theory with practical markets knowledge to deliver thought leadership.
• Experience of MI gathering and management of relationships with external contacts.
• A demonstrable commitment to furthering diversity & inclusion, and developing talent within a D&I context

Desirable Criteria

• Familiarity with managing in a matrix setting
• Proven track record of presenting complex ideas to senior stakeholders verbally and in writing.
  
  

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive. We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation. One way we support diversity and inclusion is through our staff-run networks, which are summarised here.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working.

Where a role can be carried out from home, we are working towards colleagues spending at least half their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. We expect colleagues to spend a minimum of 40% of their working time in the office per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their return.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this. We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This role offers a base salary of circa £79,000 - £101,000 per annum, depending on skills and experience, along with our comprehensive benefits package which includes:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 26 days annual leave with option to buy up to 12 additional days through flexible benefits. (Note: effective from April 2023)
• Private medical insurance and income protection.

Employment in this role will be subject to National Security Vetting clearance and the passing of additional Bank security checks in accordance with Bank policy from time to time. Further information of vetting and security clearance requirements for the role will be provided to the successful applicant. Further information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.

The closing date for applications is 1 May 2023.

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

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